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Expert Analysis

Should Bank Directors' Fiduciary Duties Be Expanded?

Law360, New York ( August 26, 2014, 10:03 AM EDT) -- A recurring question is whether bank directors should be held to a more stringent fiduciary duty than are the directors of other kinds of companies. The question has been raised in the current wave of failed-bank litigation, as the Federal Deposit Insurance Corp. has tried to argue, for example, that bank directors are not entitled to the same protections of the business judgment rule as are directors of other companies. A recent speech by a Federal Reserve Board governor has once again raised the issue of whether bank boards should face "broadened" fiduciary duties, a suggestion that has provoked a sharp critical response....

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